CBN Releases $265 Million To Airlines Over Repatriation Challenges
CBN releases $265m to airlines over repatriation challenges The Central Bank of Nigeria on Friday, released $265m to airlines operating in the country, to settle outstanding ticket sales to check a brewing crisis in the country’s aviation sector. A breakdown of the figure indicated that $230m was released as special foreign exchange intervention while another $35m was released through Retail SMIS auction. Disclosing this in a statement, the Director, Corporate Communications Department, CBN, Mr Osita Nwanisobi , said the CBN Governor, Godwin Emefiele, and his team were concerned about the development and what it portends for the sector and travellers as well as the country in the comity of nations. Nwanisobi retiterated that the bank was not against any company repatriating its funds from the country, adding that what the bank stood for was an orderly exit for those that might be interested in doing so. “ With Friday’s release, it is expected that operators and travelers as well w